Marking Edelweiss Group's 2nd asset management acquisition after JP Morgan's onshore MF schemes
Edelweiss Financial Services announced that the Edelweiss Group entity has agreed to acquire Ambit Alpha Fund, a category III Alternative Investment Fund with an AUM of over Rs 1100 crore and will be its new investment manager. The transaction in subject to due diligence and requisite approvals.This is the second asset management acquisition of Edelweiss Group in the recent past, having taken over JP Morgan's onshore mutual fund schemes a few months ago. The acquisition will further strengthen Edelweiss Group's Rs. 35,000 crore Global Assets Management (GAM) business which includes the Group's existing mutual funds, alternative assets management, multi strategy funds and asset reconstruction. This business has seen an over 40% growth over the last year.
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